Latest weekly data for those of you who follow it
- rotary oil rigs 578 vs 594 prev
- rotary gas rigs 197 vs 193 prev
Meanwhile WTI trades at $46.19 from highs of $46.61 while Brent trades at $49.21 from $49.61 highs
USDCAD by token of that retreat is up a tad to 1.3067 from 1.3055 lows
The Baker Hughes rig count is an important business barometer for the oil drilling industry. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for oil products.
